The following transactions took place at Thomas Capital Investments.

INSTRUCTIONS

Analyze each of the transactions. For each transaction, decide what accounts are affected and set up T accounts. Record the effects of the transaction in the T accounts.

Analyze: 

What total cash was collected for Accounts Receivable during the month?

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TRANSACTIONS 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Paid $7,200 for the current month's rent. Performed services for $24,000 in cash. Paid salaries of $12,500. Performed additional services for $32,000 on credit. Paid $1,160 for the monthly telephone bill. Collected $11,500 from accounts receivable. Received a $175 refund for an overcharge on the telephone bill. Performed services for $17,800 on credit. Paid $2,175 in cash for the monthly electric bill. Paid $975 in cash for gasoline purchased for the firm's van during the month. Received $9,200 from charge-account customers. Performed services for $22,800 in cash.